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Boost for blockchain in China as Xinhua to issue photos as NFTs -Breaking


© Reuters. FILE PHOTO : An advertisement for Xinhua News Agency was seen at Times Square in New York City’s Manhattan borough, New York City. This is March 2, 2020. REUTERS/Andrew Kelly

SHANGHAI, (Reuters) – The official Xinhua news agency announced Wednesday that it would issue a collection of digital media photos via non-fungible tokens. This is a new initiative for China and a major boost to the blockchain technology underpinning them.

The digitized ownership certificates known as NFTs have seen a rise in global popularity this year. They can be used for everything, from autographed tweets to paintings.

However, China’s relationship to the technology that underpins them is complex.

Although the publication by the state news agency indicates official support for NFTs (but People’s Daily, a party mouthpiece last month, criticized them as possible fraud),

Xinhua announced in an announcement that the eleven photos would be available online for free at 8 p.m. (1200GMT) December 24, and in a limited edition printing of 10,000 copies.

The photo, which commemorates the 100th anniversary Chinese Communist Party’s founding, will “imprint digital memories in the metaverse,” it said.

The Securities Times is also an official media outlet. It has called previously the metaverse (a space shared on virtual reality technology) “an illusionary and grand concept.”

NFT technologies are being explored by many Chinese businesses, including unlisted Ant Group. The Xinhua news triggered a surge in Chinese metaverse stocks.

Goertek Augmented Reality grew 6%, while Perfect World Online Gaming gained close to 4%. Chinese social media giant Tencent Holdings said last month it expects Beijing to allow the metaverse to operate in China, provided it fall into line with Chinese rules.

Although cryptocurrencies, including bitcoin, are considered the most natural way to pay in the metaverse and have been banned by Beijing in September, they were also banned from trading and mining digital currencies.

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